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More High Hopes for the EuroZone's Flailing BailOut - A Bit of European Perspective

More High Hopes for EZ-BailOut... 

Paul 0. Martin
Senior Staff Writer

ATLANTA - Germany is roughly 3 weeks from deciding whether or not to move ahead with their new ESM plans and it could all go south.  In addition, this whole ESM deal offers only $600B when Spain and Italy debt alone totals well over $2 trillion. 

Could this be yet another vehicle for making Germany look like the good guys while they may very well be giving the troubled states enough rope to back themselves into a corner where they'll all be forced to turn over their gold reserves?  We shall see...

Who knows?  Perhaps struggling Eurozone countries didn't show their true intentions when they refused to back German bailout loans with their gold reserves. 

Maybe the troubled EuroZone nations will all see the light and adopt responsible fiscal practices first thing Monday morning.  Maybe even all those who got rich by helping themselves to public funds will all turn over their mansions and empty their bank accounts - returning their ill-gotten gains back to the people they looted.  They'll simply give up all their expensive tastes and go back to the meager way of life of government servants.  Don't count those chickens quite yet!

It seems like some are so desperate to buy into any kind of hope imaginable - the way the US stock market rises every time the faintest of hope is mentioned.  One doesn't have to be a skeptic to believe it's not a coincidence that the former head of the IMF is also one of the richest men in Europe.  But that's just how things are done over there, and that's partially why they're in the position they're in.  Thank the heavens that things are so much different here in the states?


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